Domestic gold price today

Early this morning, gold prices fluctuated and remained around 67 million VND/tael. Currently, the domestic precious metal prices are listed specifically as follows:

SJC gold price in Hanoi and Da Nang is currently being bought at 66.4 million VND/tael and sold at 67.02 million VND/tael. In Ho Chi Minh City, SJC gold is still being bought at the same price as in Hanoi and Da Nang but sold at 20,000 VND lower.

Domestic gold prices fluctuated in different directions early this morning. Photo: vietnamnet.vn

DOJI brand gold price in Hanoi is listed at 66.4 million VND/tael for buying and 67 million VND/tael for selling. In Ho Chi Minh City, this brand gold is being bought at the same price but sold at 50,000 VND/tael lower than in Hanoi.

Phu Quy SJC gold price is listed at 66.4 million VND/tael for buying and 67 million VND/tael for selling. PNJ gold is listed at 66.45 million VND/tael for buying and 67 million VND/tael for selling. Bao Tin Minh Chau gold is listed at 66.42 million VND/tael for buying and 66.98 million VND/tael for selling.

Domestic gold price updated at 5:30 am on June 9 as follows:

Yellow

Area

Early morning 8-6

Early morning 9-6

Difference

Buy

Sell

Buy

Sell

Buy

Sell

Unit of measure:

Million VND/tael

Unit of measure:

Thousand dong/tael

DOJI

Hanoi

66.4

67

66.4

67

-

-

Ho Chi Minh City

66.4

66.95

66.4

66.95

-

-

Phu Quy SJC

Hanoi

66.3

66.9

66.4

67

+100

+100

PNJ

Ho Chi Minh City

66.5

67

66.45

67

-50

-

Hanoi

66.5

67

66.45

67

-50

-

SJC

Ho Chi Minh City

66.45

67.05

66.4

67

-50

-50

Hanoi

66.45

67.07

66.4

67.02

-50

-50

Danang

66.45

67.07

66.4

67.02

-50

-50

Bao Tin Minh Chau

Nationwide

66.31

66.88

66.42

66.98

+110

+100

World gold price today

World gold prices increased sharply early this morning with spot gold increasing by 26.1 USD to 1,965.6 USD/ounce. August gold futures last traded at 1,980.8 USD/ounce, up 22.4 USD compared to early the previous day.

The world's precious metal prices reversed sharply thanks to the weakening of the USD. Early this morning, the US Dollar Index fell 0.75% to nearly 103 points, increasing the attractiveness of gold to buyers holding other currencies.

Markets are starting to focus on the Federal Reserve's monetary policy meeting early next week. Most markets are expecting the Fed to pause its rate-hike cycle. Many are predicting moves similar to the recent move by the Bank of Canada, which raised interest rates by 0.25% this week after a four-month pause. The BOC's move "shows the reality that a pause doesn't necessarily mean a U-turn. It could also be a way to slow the pace of increases while new data comes in," according to a Wall Street Journal article.

In another development, the eurozone was identified as being in a mild recession after two consecutive quarters of negative growth due to soaring energy prices last winter. Data from the European statistical agency (Eurostat) recently showed that the region's GDP fell by 0.1% in the first quarter, equivalent to the decline in the fourth quarter of 2022. Thus, in theory, with two consecutive quarters of decline, the economy of the 19 countries using the common euro currency is identified as being in a mild recession.

Speaking about the outlook for precious metals, experts from asset management company BlackRock recently said that although gold has failed to maintain its gains above $2,000/ounce, investors should consider a tactical allocation to the precious metal as it has the potential to rise even higher after the sharp sell-off in May from near-record highs.

Analysts say three factors will continue to support gold prices, with the Fed's monetary policy being the most important. Markets are expecting the Fed to keep interest rates unchanged next week. BlackRock believes the May hike is likely to be the last in this tightening cycle.

World gold prices reversed and increased sharply early this morning. Photo: Kitco

The investment firm also sees gold benefiting from increased market volatility. “Investors often turn to gold as a way to diversify their portfolios during volatile financial markets. Gold has historically had a low correlation with bond and stock investments. Over the past 20 years, the monthly price correlation between gold and the S&P 500 has been 0.09, meaning there is virtually no correlation between stocks and gold,” the analysts said. While it is unclear when and if another shock could occur, investors may choose to allocate gold as a potential hedge against future volatility.

In addition, gold’s role as a safe haven against geopolitical issues will also boost the metal. Experts from this company also said that gold’s role as an inflation hedge will have less impact on the direction of this precious metal.

With domestic gold prices fluctuating slightly and world gold prices listed at Kitco at 1,965.6 USD/ounce (equivalent to nearly 56.1 million VND/tael if converted at Vietcombank exchange rate, excluding taxes and fees), the difference between domestic and world gold prices is currently nearly 11 million VND/tael.

TRAN HOAI